Gazelle saw iPhone trade-in volumes drop 35% compared to where they were last year on the day the Galaxy S4 launched in the U.S. Interestingly, the Galaxy S4 didn’t even go on sale at all U.S. carriers on the same day last year, so the Galaxy S5 saw fewer trade-ins from a much larger group of potential customers.

So, current Samsung owners are trading up to the new phone, but they aren’t attracting iPhone customers to trade down.